Completed the acquisition of Restat, LLC ("Restat"), a full-service
pharmacy benefit manager, on October 1, 2013

The Company's specialty brand, BriovaRx™, was awarded the Specialty
Pharmacy Accreditation from URAC, a Washington, D.C.-based accrediting
organization that establishes quality standards for the healthcare
industry

Company's Employer Group Waiver Plan received a five-star rating from
the Centers for Medicare & Medicaid Services for the second consecutive
year

Recognized as one of the Top 100 Fastest-Growing Companies for the
fourth consecutive year by Fortune magazine

"2013 was a transformational year for Catamaran as we continued to
deliver record financial results while laying the foundation for future
growth. Through our flexible service model, we signed over $1 billion
in new clients in a very successful selling season and together with
our 10-year partnership with Cigna and recent acquisition of Restat
LLC, our momentum will carry into 2014 and beyond." said Mark Thierer,
Chairman and CEO of Catamaran.

Financial Review

Revenue and Gross Profit segmented by PBM and HCIT:
Catamaran evaluates segment performance based on revenue and gross
profit. Reconciliations of the Company's business segments, PBM and
Health Care Information Technology ("HCIT"), to the consolidated
financial statements for the three-month and twelve-month periods ended
December 31, 2013 are as follows:

Three months ended December 31, (unaudited, in thousands)

PBM

HCIT

Consolidated

2013

2012

2013

2012

2013

2012

Revenue

$

4,489,589

$

3,292,056

$

39,211

$

37,484

$

4,528,800

$

3,329,540

Cost of revenue

4,183,992

3,046,365

19,911

17,583

4,203,903

3,063,948

Gross profit

$

305,597

$

245,691

$

19,300

$

19,901

$

324,897

$

265,592

Gross profit %

6.8

%

7.5

%

49.2

%

53.1

%

7.2

%

8.0

%

Years ended December 31, (unaudited, in thousands)

PBM

HCIT

Consolidated

2013

2012

2013

2012

2013

2012

Revenue

$

14,632,104

$

9,785,084

$

147,990

$

155,036

$

14,780,094

$

9,940,120

Cost of revenue

13,583,941

9,141,029

70,508

65,715

13,654,449

9,206,744

Gross profit

$

1,048,163

$

644,055

$

77,482

$

89,321

$

1,125,645

$

733,376

Gross profit %

7.2

%

6.6

%

52.4

%

57.6

%

7.6

%

7.4

%

PBM Revenue
PBM revenue increased by $4.8 billion, or 50% to $14.6 billion for the
year ended December 31, 2013, compared to $9.8 billion for the same
period in 2012. The increase in revenue is primarily due to a full year
of revenue contribution from Catalyst, the acquisition of Restat, as
well as organic growth as a result of the implementation of new
customer contracts in 2013. PBM revenue increased by $1.2 billion, or
36% to $4.5 billion in Q4 2013, compared to $3.3 billion in Q4 2012.
The increase in revenue during this period is due to the recent
acquisition of Restat, as well as organic growth as a result of the
implementation of new customer contracts, including a portion of new
volume from Cigna in 2013.

HCIT Revenue
Total HCIT revenue decreased $7.0 million, or 5% to $148.0 million for
the year ended December 31, 2013, compared to $155.0 million for the
same period in 2012. The decrease was primarily due to a decrease in
revenues earned from transaction processing as a result of lower
transaction volume, due in part to customer conversions to the PBM
segment and a decrease in professional services revenue. HCIT revenue
increased $1.7 million, or 5% to $39.2 million in Q4 2013, compared to
$37.5 million in Q4 2012 due to an increase in systems sales.

Consolidated Gross Profit
Gross profit increased $392.3 million, or 53% to $1.1 billion for the
year ended December 31, 2013, compared to $0.7 billion for the same
period in 2012. This increase was driven by the increase in PBM
revenues due to a full year of revenue contribution from Catalyst, new
customer contract implementations and the Restat acquisition in 2013.
Gross profit increased $59.3 million or 22% to $324.9 million in Q4
2013, compared to $265.6 million in Q4 2012. The increase in Q4 2013
was attributed to higher PBM revenues as a result of new customer
contract implementations in 2013 and the Restat acquisition.
Consolidated gross profit percentage for the full year increased from
7.4% of revenue in 2012 to 7.6% of revenue in 2013 as a result of
synergies realized from acquisitions, new customers, increased generic
utilization and improved mail and specialty penetration.

Selling, General and Administrative ("SG&A") Costs
SG&A costs increased $71.3 million, or 19% to $440.8 million for the
year ended December 31, 2013, compared to $369.5 million for the same
period in 2012. SG&A costs for Q4 2013 were $129.9 million, compared to
$114.4 million in Q4 2012. SG&A costs have increased for the year ended
December 31, 2013 primarily as a result of the full year impact of the
Catalyst acquisition. SG&A costs increased for Q4 2013 primarily due
to the operating costs related to the Restat acquisition. Additionally
SG&A costs increased in both the fourth quarter and full year 2013 to
support the organic growth of the PBM segment and costs related to the
new Cigna contract announced in June 2013.

Amortization
Total amortization expense increased $73.1 million to $203.2 million for
the year ended December 31, 2013, compared to $130.1 million for the
same period in 2012. The increase in amortization expense was driven
mainly by having a full year of amortization expense for the intangible
asset acquired in the merger with Catalyst. Amortization expense
decreased $3.6 million or 6% to $55.8 million in Q4 2013, compared to
$59.4 million in Q4 2012. The decrease during this period is primarily
due to changes in amortization of previous acquisitions, offset by
additional amortization expense due to intangible assets acquired in
the Restat acquisition.

Interest and other expense, net
Interest and other expense, net increased $14.9 million to $41.6 million
for the year ended December 31, 2013, from $26.7 million in 2012. The
increase is driven by an increase in the interest expense as a result
of a full year of outstanding borrowings related to the merger with
Catalyst, plus an additional $350.0 million utilized to partially
finance the acquisition of Restat. Interest and other expense, net, was
$10.7 million in Q4 2013, compared to $11.6 million in Q4 2012. The
decrease during this period is driven by lower borrowing costs as a
result of the amendment to the Company's Credit Agreement.

Income Taxes
The Company recognized income tax expense of $103.4 million for the year
ended December 31, 2013, representing an effective tax rate of 25.7%,
compared to $69.3 million, or 36.4% in 2012. The Company recognized
income tax expense of $27.8 million in Q4 2013, representing an
effective tax rate of 24.1%, compared to $26.0 million, or 35.2% in Q4
2012. The increase in tax expense during both periods was due to higher
taxable income in 2013. The effective tax rate decreased during both
periods due to certain costs the Company incurred in 2012 that were not
deductible as a result of the Catalyst merger which increased the
effective rate in 2012.

Net Income and EPS attributable to the Company
The Company reported full year 2013 net income attributable to the
Company of $262.2 million, or $1.27 per share (fully-diluted), compared
to $116.7 million, or $0.70 per share (fully-diluted) in 2012. The
Company reported net income attributable to the Company of $74.4
million, or $0.36 per share (fully-diluted) in Q4 2013, compared to
$42.5 million, or $0.21 per share (fully-diluted) in Q4 2012. Net
income and EPS attributable to the Company are higher during both
periods as a result of a full year of the Catalyst book of business,
plus the addition of the Restat book of business and other new customer
contract implementations during the year, as well as a decrease in the
transaction and integration costs related to the Company's merger with
Catalyst that closed in 2012. These positive impacts to net income
attributable to the Company were offset by an increase in operating
expenses as discussed above, plus an increase in interest expense as a
result of the Company's borrowings utilized to partially finance the
merger with Catalyst being outstanding for a full year, as well as
additional borrowings utilized to help finance in part the acquisition
of Restat.

Adjusted EPS¹ (fully-diluted), which excludes all amortization of
intangible assets of $203.2 million, net of tax, increased 68% to $2.00
per share (fully-diluted) for the year ended December 31, 2013,
compared to $1.19 per share (fully-diluted) for the same period in
2012. Adjusted EPS was $0.56 per share (fully-diluted) in Q4 2013,
compared to $0.39 per share (fully-diluted) in Q4 2012.

EBITDA¹
EBITDA for the year ended December 31, 2013 increased $288.4 million, or
79% to $651.1 million, compared to $362.7 million for the same period
in 2012. EBITDA for Q4 2013 increased 24% to $182.0 million, compared
to $146.6 million for Q4 2012. The EBITDA growth was primarily due to
an increase in sales within the PBM segment as a result of the merger
with Catalyst, the recent acquisition of Restat, as well as an organic
growth from new customer contract implementations. This was partially
offset by increased costs incurred to support the Company's business
growth and recent acquisitions.

Cash Flow from Operations
For the full year 2013, the Company generated $475.4 million of cash
from operations, compared to $249.7 million of cash from operations
during the same period in 2012. The Company generated $139.5 million of
cash flow from operations in Q4 2013, compared to $102.3 million during
Q4 2012. Cash from operating activities increased during both periods
mainly due to an increase in net income, net of non-cash items. The
increased transaction volume in the PBM segment, as a result of the
merger with Catalyst, the recent acquisition of Restat, as well as an
organic growth from new customer contract implementations was also a
driver of increased operating cash flow during 2013.

2014 Full Year Financial Guidance
Catamaran has set the following 2014 full year financial targets.

Revenue of $20 to $21 billion

EBITDA1 of $760 to $810 million

GAAP EPS (fully-diluted) of $1.35 to $1.50

Adjusted EPS1 (fully-diluted) of $2.04 to $2.19 (excluding all amortization of
intangible assets)

Notice of Conference Call
Catamaran will host a conference call on Thursday, February 27, 2014, at
8:30 a.m. ET to discuss its financial results. Mark Thierer, Chairman
and CEO, and Jeff Park, EVP and CFO, will co-chair the call. This call
is being webcast and can be accessed from the IR Events page of the
Catamaran Corporation web site at www.catamaranrx.com. An archived replay of the webcast will be available for 90 days.

1Non-GAAP Financial Measures
Catamaran reports its financial results in accordance with generally
accepted accounting principles in the United States ("GAAP").
Catamaran's management also evaluates and makes operating decisions
using various other measures. Two such measures are Adjusted EPS and
EBITDA, which are non-GAAP financial measures. Catamaran's management
believes that these two measures provide useful supplemental
information regarding the performance of Catamaran's business
operations.

Adjusted EPS adds back the impact of all intangible assets amortization
expenses, net of tax. Amortization of intangible assets expense arises
from the acquisition of intangible assets in connection with the
Company's business acquisitions. The Company excludes intangible assets
amortization expense from EPS because it believes: (i) the amount of
such expenses in any specific period may not directly correlate to the
underlying performance of Catamaran's business operations and; (ii)
such expenses can vary significantly between periods as a result of new
acquisitions and full amortization of previously acquired intangible
assets. Investors should note that the use of these intangible assets
contributes to revenue in the periods presented as well as future
periods and should also note that such expenses will recur in future
periods.

EBITDA is a non-GAAP measure that management believes is a useful
supplemental measure of operating performance. EBITDA consists of
earnings prior to amortization, depreciation, interest and other
expense, net, income taxes and adjustments to remove the applicable
impact of the non-controlling interests. Management believes it is
useful to exclude amortization, depreciation, interest and other
expense, net, as they are essentially amounts that cannot be influenced
by management in the short term.

The 2014 full year EBITDA guidance was computed using the Company's
estimated 2014 earnings before amortization, depreciation, interest and
other expense, net, income taxes and adjustments to remove the
applicable impact of the non-controlling interests. The 2014 full year
Adjusted EPS guidance was computed by taking the Company's GAAP EPS
(fully-diluted) guidance and adding back the expected impact of all
2014 amortization expense totaling approximately $210 to $215 million,
less estimated 2014 income taxes at an estimated effective tax rate of
30-33%.

Adjusted prescription claim volume equals Catamaran's mail service
prescriptions multiplied by three, plus its retail and specialty
prescriptions. The mail service prescriptions are multiplied by three
to adjust for the fact that they typically include approximately three
times the amount of product days supplied compared with retail
prescriptions.

Management believes that Adjusted EPS, EBITDA and adjusted prescription
claim volume provide useful supplemental information to management and
investors regarding the performance of the Company's business
operations and facilitate comparisons to its historical operating
results. Management also uses this information internally for
forecasting and budgeting as it believes that the measures are
indicative of the Company's core operating results. Note, however, that
these items are performance measures only, and do not provide any
measure of the Company's cash flow or liquidity. Non-GAAP financial
measures should not be considered as a substitute for measures of
financial performance in accordance with GAAP, and investors and
potential investors are encouraged to review the reconciliations of
Adjusted EPS and EBITDA to their most directly comparable GAAP measure.

Adjusted EPS and EBITDA do not have standardized meanings prescribed by
GAAP. The Company's method of calculating these items may differ from
the methods used by other companies and, accordingly, may not be
comparable to similarly titled measures used by other companies.

Reconciliations of EBITDA to net income and GAAP EPS (fully-diluted) to
Adjusted EPS (fully-diluted) are shown below:

EBITDA Reconciliation

Three Months Ended December 31,

Years Ended December 31,

(in thousands)

2013

2012

2013

2012

(unaudited)

(unaudited)

Net income attributable to the Company (GAAP)

$

74,403

$

42,529

$

262,170

$

116,658

Add:

Amortization of intangible assets

55,824

59,407

203,192

130,116

Depreciation of property and equipment

14,029

7,288

42,232

20,234

Interest and other expense, net

10,653

11,619

41,626

26,682

Income tax expense

27,787

26,008

103,403

69,316

Adjustments related to non-controlling interests

(727)

(260)

(1,527)

(276)

EBITDA

$

181,969

$

146,591

$

651,096

$

362,730

Adjusted EPS Reconciliation

(in thousands, except per share data)

Three Months Ended December 31,

Years Ended December 31,

2013

2012

2013

2012

Operational
Results

Per
Diluted
Share

Operational
Results

Per
Diluted
Share

Operational
Results

Per
Diluted
Share

Operational
Results

Per
Diluted
Share

(unaudited)

(unaudited)

Net income attributable to the Company (GAAP)

$

74,403

$

0.36

$

42,529

$

0.21

$

262,170

$

1.27

$

116,658

$

0.70

Amortization of intangible assets

55,824

0.27

59,407

0.28

203,192

0.98

130,116

0.77

Tax effect of reconciling item

(13,454)

(0.07)

(20,911)

(0.10)

(52,220)

(0.25)

(47,362)

(0.28)

Non-GAAP net income attributable to the Company

$

116,773

$

0.56

$

81,025

$

0.39

$

413,142

$

2.00

$

199,412

$

1.19

About Catamaran Corporation

Catamaran, the industry's fastest-growing pharmacy benefits manager,
helps organizations and the communities they serve take control of
prescription drug costs. Managing more than 350 million prescriptions
each year on behalf of over 32 million members, our flexible, holistic
solutions improve patient care and empower individuals to take charge
of their health. Processing one in every five prescription claims in
the U.S., Catamaran's skill and scale deliver compelling financial
results and sustainable improvement in the overall health of members.
Catamaran is headquartered in Schaumburg, IL., with multiple locations
in the U.S. and Canada. For more information, please visit
Catamaranrx.com, and for industry news and information follow Catamaran
on Twitter, @CatamaranCorp.

Forward-Looking Statements

Certain statements included herein, including guidance and those that
express management's objectives and the strategies to achieve those
objectives, as well as information with respect to the Company's
beliefs, plans, expectations, anticipations, estimates and intentions,
constitute "forward-looking statements" within the meaning of
applicable securities laws. Forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while considered
reasonable by management at this time, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. We caution that such forward-looking statements involve
known and unknown risks, uncertainties and other risks that may cause
our actual financial results, performance, or achievements to be
materially different from our estimated future results, performance or
achievements expressed or implied by those forward-looking statements.
Numerous factors could cause actual results to differ materially from
those in the forward-looking statements, including without limitation,
our ability to achieve increased market acceptance for our product
offerings and penetrate new markets; our ability to compete
successfully; our dependence on, and ability to retain, key customers;
customer demands for enhanced services levels or loss or unfavorable
modification with our customers; the risks and challenges associated
with our PBM partnering agreement with Cigna Corporation due to the
size of the client and the complexity and term of the agreement;
consolidation in the healthcare industry; our ability to identify and
complete acquisitions, manage our growth, integrate acquisitions and
achieve expected synergies from acquisitions; changes in industry
pricing benchmarks and continuing market and economic challenges; our
ability to maintain our relationships with pharmacy providers,
pharmaceutical manufacturers, third-party rebate administrators and
suppliers; compliance with existing laws, regulations and industry
initiatives and future change in laws or regulations in the healthcare
industry; our ability to maintain our relationships with suppliers; the
outcome of any legal or tax proceeding that has been or may be
instituted against us; the existence of undetected errors or similar
problems in our software products; potential liability for the use of
incorrect or incomplete data; interruption of our operations due to
outside sources and breach of our security by third parties; our
dependence on the expertise of our senior management and other
personnel; maintaining our intellectual property rights and litigation
involving intellectual property rights; our ability to obtain, use or
successfully integrate third-party licensed technology; our ability to
accurately forecast our financial results; our level of indebtedness
and the covenants and restrictions in the agreements governing our
outstanding indebtedness; our access to sufficient capital to fund our
future requirements; and potential write-offs of goodwill or other
intangible assets.

When relying on forward-looking information to make decisions, investors
and others should carefully consider the foregoing factors and other
uncertainties and potential events. In making the forward-looking
statements contained herein, the Company does not assume any future
significant acquisitions, dispositions or one-time items. It does
assume, however, the renewal of certain customer contracts. Every year,
the Company has major customer contracts that come up for renewal. In
addition, the Company also assumes new customer contracts. In this
regard, the Company is pursuing large opportunities that present a very
long and complex sales cycle which substantially affects its
forecasting abilities. The Company has assumed certain timing for the
realization of these opportunities which it believes is reasonable but
which may not be achieved. Furthermore, the pursuit of these larger
opportunities does not ensure a linear progression of revenue and
earnings since they may involve significant up-front costs followed by
renewals and cancellations of existing contracts. The Company has
assumed certain revenues which may not be realized. The Company has
also assumed that the material factors referred to in the previous
paragraph will not cause such forward-looking information to differ
materially from actual results or events. There can be no assurance
that such assumptions will reflect the actual outcome of such items or
factors. Accordingly, investors are cautioned not to put undue reliance
on forward-looking statements. The foregoing list of factors is not
exhaustive and is subject to change and there can be no assurance that
such assumptions will reflect the actual outcome of such items or
factors.Other factors that should be considered are discussed from time
to time in Catamaran's filings with the U.S. Securities and Exchange
Commission, including the risks and uncertainties discussed under the
captions "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in our Annual Report on
Form 10-K and subsequent Form 10-Qs, which are available at
www.sec.gov. Investors are cautioned not to put undue reliance on
forward-looking statements. All subsequent written and oral
forward-looking statements attributable to Catamaran or persons acting
on our behalf are expressly qualified in their entirety by this
notice. We disclaim any intent or obligation to update publicly these
forward-looking statements, whether as a result of new information,
future events or otherwise.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS RELEASE REPRESENTS THE
COMPANY'S CURRENT EXPECTATIONS AND, ACCORDINGLY, IS SUBJECT TO CHANGE.
HOWEVER, THE COMPANY EXPRESSLY DISCLAIMS ANY INTENTION OR OBLIGATION TO
UPDATE OR REVISE ANY FORWARD-LOOKING INFORMATION, WHETHER AS A RESULT
OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY
APPLICABLE LAW.